Companies, chambers make push for wind tax credit extension

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By: SGN Staff

A total of 19 companies, including the likes of Levi Strauss, Starbucks and Johnson & Johnson, have written to Congress to strongly support extending the wind production tax credit (PTC) set to expire at the end of this year. They are joined by the Chambers for Innovation and Clean Energy, a clean energy network and information hub with 240 local chambers of commerce as members that also supports the extension.

 

The chamber organization's news release stressed that "allowing the PTC to expire at the end of 2012 would hurt local economies, send jobs and capital elsewhere and risk ceding America's clean energy leadership to our global competitors."

 

As anyone who has been following the PTC issue and the presidential campaigns knows, the tax credit at the very least faces an uncertain future. Republican presidential candidate Mitt Romney and his running mate Paul Ryan have both pledged to get rid of the tax credit if they get the chance. President Obama supports it.

 

The uncertainty is already putting a major damper on the U.S. wind industry. Siemens, a giant in the industry, announced Tuesday that it's laying off 615 employees in its U.S wind power operations located in Iowa, Kansas and Florida. Siemens cited "federal policy uncertainties," competition from natural gas and slow growth in electricity demand.